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LONDON (Alliance News) - Aquis Exchange PLC on Tuesday said its loss widened in the first half of 2018, hurt by higher expenses.
The equities exchange operator posted a pretax loss for the six months to the end of June of GBP1.9 million, widened from GBP1.6 million reported for the same period a year ago, despite revenue rising to GBP1.5 million from GBP986,000.
The result was hurt by almost doubled administrative expenses, which grew to GBP1.3 million from GBP685,000 as the company continued to invest in its personnel and systems.
Meanwhile, revenue growth was achieved in both core business lines with the exchange activities increasing by 44% to GBP1.2 million and licensing activities doubling to GBP320,000.
The growth in exchange activities was driven principally by increasing transaction flow, while improvements in licensing activities were boosted by the successful conclusion of two exchange systems projects.
"These results demonstrate how Aquis' pioneering business model is continuing to deliver, and is being recognised by the industry as we win record share of the European continuous trading market," said Chief Executive Alasdair Haynes.
"We are disrupting the European cash equites trading landscape with a unique operating model underpinned by subscription-based pricing and a compelling offer to traders which combines good liquidity with market-leading low levels of toxicity," added Haynes.
The stock was trading 4.0% higher on Tuesday at 442.00 pence per share.
